Bitcoin has stalled out around $97K and may struggle to hit $100K this weekend, but there still could be hope.
After a dramatic and unexpected ascent to $97,000, Bitcoin (BTC) has slowed down and is now sitting at $97,180. Is there still hope that it will reach $100K this weekend?
The coin rose spectacularly on Wednesday evening and continued to climb through Thursday, hitting a high of $97,436, having climbed from $93,076 the previous day. Over the last 24 hours, Bitcoin has only increased by 0.44%, and it looks like the coin’s momentum is slowing down. Is this the dip before the bullish run to $100K, or has Bitcoin run out of steam for this week and in need of another boost?
Most of the economic reports for the week have already been issued, but there are still a few scheduled for Friday. The U.S. nonfarm payrolls will be released today, as well as hourly wages and the unemployment report. These are arguably some of the biggest and most impactful economic reports for this period, so they could shift the stock market and the crypto currency market too.
Price Prediction for Bitcoin
If the reports look positive and show economic growth, then Bitcoin will likely take off and hit very close to $100K if not past it. The whales will likely want to give the coin a boost to get over that psychologically significant barrier so that more investors will want to jump on board.
However, if these reports show signs of stagnation or decline, then we can expect Bitcoin to struggle to stay above $97K. With much of its momentum already gone at this point, the crypto coin needs something to drive it further.
Thursday’s earnings reports looked positive at first, showing growth from Amazon and Apple, but further examination shows weak guidance moving forward and disappointment in some areas. Both of these stocks have suffered in premarket trading for Friday and may pull he stock market back down from its recent highs.
There is some indication that the trade war between the United States and China is beginning to de-escalate, and if that is true, then Bitcoin will benefit tremendously. Fear of tariff impacts is keeping Bitcoin back from realizing its potential right now, as some analysts have predicted that the coin will grow in value exponentially to $1 million by 2028. If the trade war is truly winding down, then Bitcoin could easily shoot past $100K when that news breaks.
